Professional services firm Accenture and Generali Employee Benefits (GEB) have announced a blockchain-powered solution aimed at enabling participants in the reinsurance process for captive or pooling services to access the same data and reduce processing errors via smart contracts and automated reconciliation.
The solution is expected to streamline GEB’s employee benefit operating model for captive services and follows a successful demonstration of a prototype last year involving two global clients.
“This prototype represents a step forward for GEB and for the insurance industry,” said Sergio Di Caro, GEB’s Chief Executive Officer.
“The use of blockchain technology allows for a truly connected ecosystem and a seamless partnership between clients, advisers, local insurers and Generali. Blockchain will change not only our Network but the employee benefits industry as we know it.”
The solution is supported by the Generali Group and inspired by B3i, a collaborative initiative of 15 global insurers and reinsurers that came together in late 2016 to explore and test the potential of blockchain in the industry.
“Blockchain technology creates a more-connected ecosystem among stakeholders, allowing a reliable means of information exchange and streamlining previously complex, manual processes within insurance,” added Daniele Presutti, who leads Accenture’s Insurance practice in Europe.
“We are pleased to work with Generali Employee Benefits to help revolutionise the employee benefits process for its customers.”